“Very significant” income growth will drive the first leg of a recovery in home prices in Singapore, where property ownership as a proportion of household assets is near a record low, BNP’s Asia-Pacific head of research for financial institutions and property Wee Liat Lee said in an interview with Bloomberg News

Singapore property prices have declined for 15 quarters the longest slide since data was first published in 1975 as the government rolled out a series of curbs. Home values have dropped 12 percent from their 2013 peak